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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good Morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: Karen, we begin with election day from coast to coast,

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Speaker 3: starting with a key race in New York for mayor

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Speaker 3: of the city. Bloomberg's Lisa Matteo is in Manhattan with

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Speaker 3: the very latest Lisa.

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Speaker 4: Good morning, Good morning, Nathan, and now one of the

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Speaker 4: candidates getting a last minute endorsement from President Donald Trump.

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Speaker 4: In a social media post, a president said, quote, whether

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Speaker 4: you personally like Andrew Cuomo or not, you really have

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Speaker 4: no choice. You must vote for him and hope he

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Speaker 4: does a fantastic job. He is capable of it. Mundummy

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Speaker 4: is not now. President Trump also called Democratic Socialist frontrunner Zora.

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Speaker 5: Mundami a communist.

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Speaker 4: He threatened to withhold federal funds quote other than the

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Speaker 4: very minimum as required from the city if Mundummy is elected.

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Speaker 4: Now the post didn't seem to bother Mamdanni. He campaigned

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Speaker 4: across the city yesterday.

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Speaker 6: The MAGA movements embraced at Andrew Cuomo is reflective of

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Speaker 6: Donald Trump's understanding that this would be the best mayor

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Speaker 6: for him.

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Speaker 4: Now, both Cuomo and Mundammi have promised to defend the

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Speaker 4: city from President Trump. Cuomo made that evidence while talking

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Speaker 4: to voters yesterday.

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Speaker 7: I can stand up to Trump.

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Speaker 1: Tump will go through Mamdani like a hot knife through

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Speaker 1: butter Well.

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Speaker 4: Meanwhile, Republican candidate Curtis lee Wamp still on the ballot,

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Speaker 4: he despite calls to drop out of the race President

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Speaker 4: Trump saying a vote for Sleewha is a vote for Mundammi.

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Speaker 4: Elon Musk agreed with a post on next saying, quote,

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Speaker 4: a vote for Curtis is really a vote for Mundummy

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Speaker 4: or whatever his name is, because he spelled his name

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Speaker 4: wrong in the post and he ended it by saying

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Speaker 4: vote Cuomo. Lisa Matteo, Bloomberg Radio, all.

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Speaker 2: Right, Lisa, thank you. We want to stay in the

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Speaker 2: Tri state area. There's a key gubernatorial race in New

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Speaker 2: Jersey with Republican politician and businessman Jack Chitdarelli facing off

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Speaker 2: again to Democrat congresswoman Mikey Cheryl for the seat held

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Speaker 2: by term limited Governor Phil Murphy. For more on that race,

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Speaker 2: we go to Bloomberry's de Niche spelling Greene.

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Speaker 5: The stakes are high in New Jersey, where the governor's

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Speaker 5: race is seen by many as a test for just

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Speaker 5: how much ground Republicans can gain in a one's very

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Speaker 5: heavily democratic state. Cheryl has been slamming Chitarelli's support for

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Speaker 5: President Trump on.

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Speaker 2: Every single occasion. Jack has decided, I'm going.

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Speaker 5: To defend Trump. Chittarelli has heavy praise for the President.

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Speaker 7: We're very thankful of all that he's done to secure

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Speaker 7: the border and enhance national security. We're very thankful all

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Speaker 7: that he's done to improve the economy.

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Speaker 5: President Trump in New Jersey campaigning for Chittererelly Mikey will

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Speaker 5: send New Jersey into a death spire, and former President

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Speaker 5: Barack Obama has been campaigning for Cheryl.

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Speaker 7: We need leaders like Mikey, public servants who are in

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Speaker 7: it for the right reason.

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Speaker 5: And this race has tightened appreciably in the past few

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Speaker 5: weeks as voters expressed dismay of arising electric bills and

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Speaker 5: the overall cost of living. Hee's Pelgrity Bloomberg Radio.

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Speaker 3: Denise, thank you. We're also tracking one more governor's race

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Speaker 3: in Virginia. Democrat Abigail Spanberger and Republican Winsome Earl Sears

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Speaker 3: are vying to become the Commonwealth's first woman governor. Earl

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Speaker 3: Sears would be the first black woman to lead any

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Speaker 3: state if she wins, but University of Virginia Center for

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Speaker 3: Politics Director Larry Sabato says, the odds are in Spanburger's favor.

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Speaker 8: You have to search hard in Virginia, the state in

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Speaker 8: which I live, to find any analyst who thinks Earl

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Speaker 8: Sears has any real chance of winning. Most people will

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Speaker 8: bet that it's going to be a Spanburger landslide.

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Speaker 3: Larry Sabato with the University of Virginia. Spanberger has been

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Speaker 3: running as a center left candidate focused on living costs

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Speaker 3: and the impact of President Trump's tax cut law on healthcare.

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Speaker 3: Earl Sears has given high marks to the President, but

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Speaker 3: he has not actively campaigned for her Well Nathan.

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Speaker 2: The other major race to watch is in California, where

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Speaker 2: voters are deciding on Proposition fifty. It's a ballet question

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Speaker 2: that would replace the state's congressional map drawn by and

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Speaker 2: independent commission and replace it with one from the Democratic

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Speaker 2: controlled legislature. Democratic Governor Gavin Newsom as spearheading the effort.

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Speaker 9: Prof fifty is not about drawing lines on a map.

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Speaker 9: It is about holding the line to what makes us.

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Speaker 2: Who we are. California Governor Gavin Newsom's push could a

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Speaker 2: race up to five Republican held districts and offset redistrict

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Speaker 2: efforts in Texas and other Republican led states. More than

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Speaker 2: one hundred million dollars have been spent on TV and

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Speaker 2: cable ads in the Prop fifty campaign. More than two

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Speaker 2: thirds of it came from supporters.

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Speaker 3: Let's turn back to markets now. Karen stocks are selling

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Speaker 3: off on this election day morning. Wall Street chief executives

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Speaker 3: say investors should race for an equity pullback, and that

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Speaker 3: such a correction may be positive. Goldman Sachs CEO David

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Speaker 3: Solomon spoke at the twenty twenty five Global Financial Leader's

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Speaker 3: Investment Summit in Hong Kong.

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Speaker 10: Of course, it is likely they'll be, you know, at

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Speaker 10: ten to twenty percent draw down an equity market sometimes

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Speaker 10: in the next twelve to twenty four months. And I'd

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Speaker 10: say there are very few people in this room that

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Speaker 10: don't think that that's a meaningful possibility. It doesn't mean

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Speaker 10: that the general direction of capital flows, investment portfolio allocations changing.

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Speaker 10: It just means things run and then they pull back.

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Speaker 10: So people can reassess.

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Speaker 3: Goldman Sachs CEO David Solomon's sentiments of a possible stock

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Speaker 3: pullback re echoed by Morgan Stanley, CEO Ted Pick and

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Speaker 3: Mike Gitlan, who helps oversee about three trillion dollars at

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Speaker 3: Capital Group. The S and P five hundred is trading

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Speaker 3: at twenty three times forward earnings estimates. That is above

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Speaker 3: its five year average of twenty times.

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Speaker 2: Well Nathan also adding pressure to the overall market this morning,

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Speaker 2: Pallenteer shares of the AI darling are falling. They're down

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Speaker 2: more than seven and a half percent right now, despite

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Speaker 2: beating earnings estimates and raising his annual revenue outlook. We

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Speaker 2: get more from Bloomberg's Tom McKenzie in London.

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Speaker 11: This is a company that has not missed estimates for

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Speaker 11: twenty one consictive coolses. In fact, it is beaten estimates

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Speaker 11: for twenty one consictive coolses. So that comes down to

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Speaker 11: evaluations story. This is a stock that's been one of

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Speaker 11: the darlings of AI. The stock is up around one

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Speaker 11: hundred and sixteen hundred and sent percent year to date,

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Speaker 11: and the valuation for many is just too is just

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Speaker 11: too rich. The valuation concerns this price to sales ratio,

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Speaker 11: for example, one metric of looking at valuations at eighty

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Speaker 11: five that is the highest in the SMP five hundred.

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Speaker 2: And Bloomberg's Tom mackenzie says profit excluding some items is

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Speaker 2: twenty one cents a share, compared with analysts average estimates

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Speaker 2: of seventeen cents.

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Speaker 3: Karen, We're watching shares of iHeartMedia this morning. They are

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Speaker 3: up thirteen percent in early trading. Bloomberg News has learned

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Speaker 3: Netflix is in talks to licensed video podcasts distributed by iHeart.

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Speaker 3: Sources say the streaming giant is seeking exclusivity for the

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Speaker 3: video programs, meaning full episodes would no longer be uploaded

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Speaker 3: to YouTube. iHeart distributes popular programs like The Breakfast Club,

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Speaker 3: Las Colta Ristas, the Jay Shetty Podcast and Stuff You

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Speaker 3: Should Know Well.

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Speaker 2: In Europe, Nathan BP's profits topped estimates. The British Energy

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Speaker 2: and also maintained its quarterly share buyback plan, and operational

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Speaker 2: improvements in higher oil and gas production outweighed lower prices.

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Speaker 3: Turning back to politics, Karen, it is now day thirty

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Speaker 3: five of the government shut down, now tied for the

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Speaker 3: longest in US history. Now after suspending federal food assistants

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Speaker 3: at the start of this month. The Trump administration says

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Speaker 3: it will comply with the judge's order to resume the benefits,

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Speaker 3: but only at half the level that households normally receive.

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Speaker 3: Senate Minority Leader Chuck Schumer says that doesn't go far enough.

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Speaker 7: Everyone can get full benefits. The only person standing in

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Speaker 7: the way is Donald Trump.

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Speaker 3: Senate Minority Leader Chuck Schumer says the administration could draw

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Speaker 3: from tariff proceeds to pay for snap. Agriculture Secretary Brook

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Speaker 3: Rowland says that could lead to a shortfall in other programs,

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Speaker 3: like school meals for low income students.

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Speaker 2: Time now for a look at some of the other

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Speaker 2: stories making news in New York and around the world,

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Speaker 2: and for that we're joined by Bloomberg's John Tucker. John

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Speaker 2: Good h.

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Speaker 12: Good morning Karen. As voters head to the polls across

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Speaker 12: the nation, elections face a security test as the Department

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Speaker 12: of Homeland Security cots its local cyber support. Let's get

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Speaker 12: more from Washington and Bloomberg's Amy Morris.

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Speaker 13: Cybersecurity and Infrastructure Security Agency, or CISA, has ended its

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Speaker 13: regular election day situation room that shared intelligence with state

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Speaker 13: and local authorities. This is after the dismantling of the

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Speaker 13: agency's election security team earlier this year, and remaining election

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Speaker 13: personnel are not allowed to work with nor contact state

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Speaker 13: election officials. These cuts have sent state and local officials

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Speaker 13: responsible for running elections searching for ways to shore up

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Speaker 13: potential gaps in cybersecurity, threat monitoring and physical protection of

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Speaker 13: polling places. In Washington, Amy Moore as Bloomberg Radio.

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Speaker 12: A nail bider national election. In the Netherlands, it came

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Speaker 12: down to postal votes from Dutch citizens living abroad. The

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Speaker 12: Centre's D sixty six party has eked own a in

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Speaker 12: over the anti Islam lawmaker Gerd Wilder's far right Party

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Speaker 12: for Freedom. A word this morning that European leaders, including

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Speaker 12: German's chance Germany's Chances of Friedrich Mertz and the European

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Speaker 12: Commission President Ursula Vonderland, will skip the EU's summit with

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Speaker 12: Latin American and Caribbean states, doing part to concerns over

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Speaker 12: angering President Trump. The European Union Sealock Summit is coming

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Speaker 12: under scrutiny as the US targets countries including Columbia, which

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Speaker 12: is hosting the summit, and Venezuela over drug trafficking claims,

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Speaker 12: and the Department of Homeland Security directing border patrol agents

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Speaker 12: to screen all foreign travelers with facial recognition tools as

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Speaker 12: they enter and leave the US. The Wall Street General

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Speaker 12: reports the move, set to take effect in late December,

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Speaker 12: would also create a massive biometric database. Global news twenty

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Speaker 12: four hours a day and whenever you want it with

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Speaker 12: Bloomberg News. Now, I'm John Tucker, and this is Bloomberg Karen.

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Speaker 2: Thanks Jean. Time now for our Bloomberg Sports update, and

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Speaker 2: for that we bring in John stash Hour.

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Speaker 10: Thanks Deren.

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Speaker 7: Whether that I pootball was in Dallas. Arizona ended a

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Speaker 7: five game losing string beat the Cowboys twenty seven to seventeen.

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Speaker 7: The NFL trade deadline comes today. Washington quarterback Jane Daniels

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Speaker 7: has another injury. He's already missed time with injuries to

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Speaker 7: his knee and hamstring, and now he's got a dislocated

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Speaker 7: left elbow. Waltwise named the new manager of the Atlanta Braize.

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Speaker 7: He finished his playing career playing for the Brads. He's

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Speaker 7: been the bench coach of J. Bryan Sticker. He formerly

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Speaker 7: was the manager at Colorado. That's the Bloomberg Sports Update.

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Speaker 2: Stay with us. More from Bloomberg day Break coming up after.

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Speaker 1: This Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business opp This is Bloomberg Daybreak.

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Speaker 5: Good morning.

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Speaker 3: I'm Nathan Hager. A New York City mayor's race that

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Speaker 3: has caught the nation's attention is now in the final

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Speaker 3: stretch and heading into this election day, former Governor Andrew

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Speaker 3: Cuomo and Democratic nominee z Or and Mam Donnie have

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Speaker 3: been sparring over the Trump factor.

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Speaker 9: We need a mayor who can stand up to Donald Trump.

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Speaker 6: We know and have known for months that Donald Trump

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Speaker 6: would favor Andrew Cuomo as the mayor.

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Speaker 3: That wors Andrew Cuomo and Zorn Mumdanni in their final

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Speaker 3: campaign stops before this election day. This morning, we were

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Speaker 3: joined by Bloomberg Daybreak editor Mark Perrier. Mark, good morning.

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Speaker 3: At the final stretch, we do have a Trump factor,

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Speaker 3: A final or last minute endorsement of former Governor Cuomo

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Speaker 3: from the President. Does that affect the race at this

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Speaker 3: final stretch?

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Speaker 9: Good morning, Good morning, And just to add on to

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Speaker 9: what you said, not only the nation is looking at

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Speaker 9: this is you know, major international news as well. Will

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Speaker 9: it impact on the electorate today, We shall see. It

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Speaker 9: may impact on undecided voters, as the funding being cut

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Speaker 9: may rattle the undecided. I suspect that people who are

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Speaker 9: locked in for Coup or Mam Danny will remain locked in.

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Speaker 9: But again, we shall see how this plays out today.

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Speaker 3: How have the candidates moved to expand their coalitions since

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Speaker 3: the primary.

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Speaker 9: It's been rather afraid, I would say, especially with the

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Speaker 9: shutdown looming in the background. I think today may set

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Speaker 9: the tone, you know, the outcome of today's election may

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Speaker 9: set the tone for the next year, leading into the

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Speaker 9: midterms next year. And we're also looking obviously at other

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Speaker 9: key elections today in California, in Virginia, in New Jersey.

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Speaker 9: So I think, you know, I'm not sure if this

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Speaker 9: will repair anything, but again, it's such an interesting story

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Speaker 9: to follow.

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Speaker 3: We had early voting record setting early voting in New

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Speaker 3: York City. I think it blew past, maybe more than

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Speaker 3: doubling the previous record from just four years ago. What

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Speaker 3: does that tell us about how this could turn out

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Speaker 3: after tonight?

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Speaker 9: I think this tells us that people are really concerned

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Speaker 9: about the issues that Mahamdani has hit on the cost

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Speaker 9: of living crisis. But again I think you also have

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Speaker 9: maybe an older electorate coming in as well to support Cuomo,

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Speaker 9: So it could be from both sides. This election means

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Speaker 9: so much for the city and again nationally, it will

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Speaker 9: set the tone for the next year. So I think

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Speaker 9: people felt very compelled to take part in this election.

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Speaker 3: Yeah, I could say a lot as well about the

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Speaker 3: direction of the Democratic Party if, as the opinion polls

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Speaker 3: have it, Zorn Mumdani does win this race, in contrast

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Speaker 3: to what we've been seeing in the races in New

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Speaker 3: Jersey and Virginia, where you have somewhat more center left

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Speaker 3: candidates running in those contests.

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Speaker 9: Exactly, so the city might be looking at a left

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Speaker 9: leaning government, you know, from tomorrow whenever this decision comes out.

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Speaker 9: You know, it's going to be interesting to see how

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Speaker 9: people actually react to this win and also how the

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Speaker 9: Democrats react to it as well. Since Mom Donnie does

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Speaker 9: not have the full support of all the major players

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Speaker 9: in the Democratic Party, I think people are engaging with them,

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Speaker 9: but again they're being very careful about what they say

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Speaker 9: and what they write. I think people are waiting to

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Speaker 9: see what the outcome will be. Before making any moves

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Speaker 9: on this.

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Speaker 3: In our last minute, Mark, let's talk about the ballot

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Speaker 3: question in California as well. I mean, this could have

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Speaker 3: some serious mid term implications if indeed the Democratic push

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Speaker 3: to redraw the maps sort of offsets what we've been

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Speaker 3: seeing from Republican led states.

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Speaker 9: Absolutely, it's all eyes on New York, but also all

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Speaker 9: eyes as well on Gavin Usom and this Proposition fifty,

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Speaker 9: which is looking to redraw the congressional map in order

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Speaker 9: to win more seats for the Democrats in the midterms. Again,

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Speaker 9: the risk is other states might jump in as well

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Speaker 9: and want to do the same. It's also a moment

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Speaker 9: for Gavin Newsom to exercise his power and to potentially

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Speaker 9: gain of leading into the year, perhaps as a potential

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Speaker 9: lead for the Democratic Party. We shall see, but it's

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Speaker 9: definitely all very interesting. Today we're all watching.

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